Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis

USD/CAD moved slightly lower yesterday, however the upwards momentum appears intact with the pair currently trading at 1.2683. The intraday resistance levels are at 1.2700 and 1.2733. The near-term support areas are at 1.2644 and 1.2629.

The bulls run seems intact following the new yearly low in October. The SMA-14 is indicating support at 1.2564 and the SMA-50 support line is at 1.25300. The pair is also keeping above the mid-band which is at 1.2511 while the upper and lower bands are at 1.2733 and 1.2290 respectively. The RSI is at 66 and still away from an absolute overbought zone. Following the intraday price pattern, the pair’s outlook is bullish and favors buying entries around 1.2660 with a target of 50 to 60 pips and a stop-loss at 1.2615.

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